Dubai based real estate developer group House of Patels plans to develop a project in the land which he owns in India. The project may most probably be a high end residential project or a five star hotel project.
Top end luxury projects are demanded at all times. This would be what made House of Patels to think of developing a high end luxury project in India.
The Dubai based developer has announced the group’s plan to launch a project in India. Asgar Patel, owner of House of Patels, has land parcels in Kerala, the south-most state in India.
Thus it means that for them, it will not be anything difficult to develop a project in India. However this will not be their first project but the second.
The group is already developing a housing project in Pune. This is their first project. The 250-apartments project is under construction and is expected to be completed within two to three years.
Asgar Patel is one of the wealthiest Indian businessmen living in the Gulf countries. He migrated to the Gulf countries in 1975. Now he has investments in Bangkok and Thailand.
Recently House of Patels invested $630 million in a Bangkok project. Besides their investment in this mixed use project, the group has invested in MahaNakhon Tower project.
In this project he has bought two penthouses each worth $16.25 million. He has around five apartments too in the project.
The hotel rooms of MahaNakhon Tower are managed by international hotel chain Ritz Carlton. The project has 150 hotel rooms. The project also includes another 194 serviced apartments. Asgar Patel has gained exclusive rights to sell the Ritz Carlton residences.
Seeing the performance and popularity of Ritz Carlton, House of Patels group owner was really pleased. Thus he plans to develop a project in collaboration with the international hotel chain. However, so far Ritz Carlton has not expressed their views on the plan.
